£59m fund to accelerate growth in Enterprise Zones

A £59m Enterprise Zone Fund to help speed up growth across England’s Enterprise Zones has been launched today (25 February 2013).

The Government is inviting Enterprise Zones to apply for £59m of funding to help ‘turn shovel ready sites into job ready sites’ by completing key infrastructure projects to give them a global competitive edge needed to attract companies.

Enterprise Zones reflect the Government’s core belief that economic growth and job creation should be led by the private sector. The Zones are focused on removing barriers to private sector growth with lower tax levels for business and a simplified planning regime and a lighter regulatory and administrative burden.

The Fund will help those Zones with real growth potential to put in place the infrastructure required to unlock sites so businesses can set up and take advantage of the offer available in Enterprise Zones, such as business rate discounts, simplified planning and superfast broadband.

Eric Pickles said:

“Economic growth is this Government’s biggest priority and Enterprise Zones are the engine room of that strategy. They are a fantastic way to attract the jobs and business investment that local areas need. This new £59m Fund will turbo charge that engine by turning shovel ready sites into job ready sites.

“Enterprise Zones have all the raw ingredients and growth incentives – simplified planning, low tax, super fast broadband and inward investment – they need to translate their potential into jobs and growth success. This is an opportunity to lay the infrastructure foundations so they are ‘gift wrapped’ ready to house new businesses.”

The £59m fund is part of the Government’s Local Infrastructure Fund of £474m designed for infrastructure investment to support local economic growth, jobs and homes.